Connect with us

Techunzipped News

170 Money Changers Arrested

FinTech

170 Money Changers Arrested

The Zimbabwe Republic Police have arrested more than 170 money changers countrywide since last week. Last week President Mnangagwa labelled forex traders a serious security and economic threats to the country.

Mnangagwa claimed that the crisis was being triggered by an intricate network of currency speculators, mostly in high places, and tasked Justice minister Ziyambi Ziyambi to urgently craft tough policies and penalties targeted at illegal foreign currency dealers.

ZRP spokesperson Assistant Commissioner Paul Nyathi , yesterday confirmed the arrests, saying they were conducting the operation together with other relevant stakeholders.

“The Zimbabwe Republic Police, having noted that activities by illegal foreign currency dealers were posing a serious security and economic threat to the country, embarked on a countrywide operation meant to enforce Statutory Instrument 122A of 2017, Exchange Control (Amendment) Regulations, 2017 (No.5), which criminalises the illegal trading in foreign currency.”

“Cumulatively, as from October 18, 2018, a total of 107 arrests have been made for dealing in foreign currency and 58 for blocking pavements countrywide.

“Police are warning members of the public to desist from illegally dealing in foreign currency as the long arm of the law will always catch up with them,” he added.

Last week the Daily News accurately reported that Mnangagwa had been handed a dossier containing the names of bigwigs and businesspeople who were behind money laundering and illegal foreign currency trading.

The country has been experiencing acute shortages of foreign currency, which in recent weeks have triggered shocking price hikes, shortages of essential medical drugs and basic consumer goods.

Pardon has been a technology enthusiast his entire life and has spent the better part of last decades in information technology and security, and he writes with an aim to remove some of the "mysticism" from the cyber world. He’s the Editor at Techunzipped. Away from the keyboard, you're likely to find him playing with the latest gadgets or the latest Game.

More in FinTech

Facebook

Trending Posts




To Top